While the market is unregulated the bitcoin community will be very harsh on anyone who fails to deliver what they promised. It really shows that a good reputation goes a long way when judging the merits of an offering.
True, but this community wrath will fall on someone who could get lots of money and is free to go and create a new identity, rinse and repeat. But you cannot be more right about value of reputation. It is bitcoin's version of a brand. This is why I am so surprised by investors optimism on some projects. Particularly given that investments are in bitcoins. Could have just held bitcoins. |
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Read again what mrb and xf2_org said above in this thread. These two do know what they are talking about. And I cannot agree with them more.
Sorry for being so grim here but whoever gave his money to an anonymous person on the Internet with a voice of a 16 year old via an unregulated marketplace fully deserves whatever return on investment he gets.
Trust me, running 20 Ghps set of rigs is far from trivial and if you hired some anonymous kid to do it for you... well
some more DD next time maybe?
I am not a shareholder. Though, I wish there was a possibility to go short, preferably naked short ... Nefario: can I?
BTW: 1Ghps produces on average 13.96 diff 1 shares per minute. This makes it very easy to accurately estimate actual useful hashing power for given number of shares accepted by a pool for given period of time.
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Britcoin is one of the top 5 exchanges in the world by volume. The operator is not even charging any fees (AFAIK) and running it in alpha/beta testing mode while reportedly providing great service. Give the guy a break.
Britcoin is likely will be my exchange of choice should one day I want/need to sell some bitcoins.
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Pareto principle should apply IMO. This means that 80% of hashing power will be concentrated in hands of 20% of [bitcoin mining] population. It is probably the case already.
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The housing/bailout shit is totally different. They played the market in a bad way and lost and then stole money to make themselves whole. Yes, they made houses too expensive, people who did the right thing and refrained from overpaying for a house should have benefited by their saved dollars being worth much more, but instead new dollars were printed their deserved gains were taken and given to the losers of those bets.
Nice one, it is one of the best and simplest explanation of what's going on with the housing bubble. In UK it is even worse, they have not allowed it to pop at all. It seems robbing prudent and giving to banksters and over indebted idiots is the new black. One more reasons why Bitcoin will be a HUGE success. |
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If from the above we can infer that US bitcoin population is selling and the rest of the word is buying than there is no surprise. Lots of early adopters are from US. Lots of investors are coming in from everywhere. I do not see anything surprising there.
However it could mean that early bitcoin fortunes are being liquidate/diversified and transferred to latecomers which is only natural.
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The Internet was a nerd freindly only system one day too.
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Tianhe-1A hashing power, very accurately IMO has been estimated as 850 Ghps. Assuming the rest of top 500 supercomputers have the same TFLOPS/Ghps ratio than bitcoin needs to hit 8Thps to dwarf all top 500 supercomputers combined. We are more than halfway there already. Another difficulty increase or two and 50% attack with supercomputers would require all those babies in top 500 list combined. Moreover while they configure them to do something bitcoin network would double once more. |
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 [/URL] Quite an interesting spike with volume here. Some Second Life people woke up to the possibilities maybe... |
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One question.
BTC = Bitcoin
UBC = ?
University of British Columbia?  |
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re Soros: why don't you get together 100k$, find a tiny penny stock, and try to buy all the shares. Nice experiment, which would closely emulate your proposed course of action for Soros. Please report back the results.
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...
but the way the system is now seems like a scam to make billionaires out of the early adopters to me (if it works).
...
Indeed it might look like that, but how is it different from IBM, MS, Google, Facebook, Paypal, Visa, Mastercard, Intel, Wallmart and any other successful company out there. Why all of the sudden do they not look like scam carried out to make billionaires out of their founders? ...
I see a growing problem with deflation over the long run with this currency. Can the Bitcoins continue to be replenished even after the 21 million mark is reached? If not the currency is doomed to die.
...
Just consider the implications of a scenario where you are wrong on this one. |
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How much bitcoins one need to get in upcoming (eventually) Forbes 500 list?
I mean the list of 500 largest bitcoin fortunes.
Assuming that current bitcoin owning population is 60 000 and there are 6 million bitcoins and Pareto principle applies recursively it can be calculated that at the moment one needs just about 3000 BTC to get into the top 5oo.
But I could have messed up the math, of course.
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Considering how they screwed goldman sucks on the IPO, I would not be surprised at all if G makes their payment system currency agnostic and as such supporting bitcoin. Actually it might be their only chance to really make it a real success.
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I support eMansipater. Let's face it this forum is as official for bitcoin as it gets and perception matters. A lot of juvenile flames does not help it. If it comes to that I would prefer politics and flames moving to another forum.
As a reasonable compromise though we really could coexist. eMancipater, you are the damn moderator, go and expand list of subforums and set up some simple, subforum specific rules. Problem solved.
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yep credit to epii , I just found it most appealing.
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"Vires in Numeris" = "Strength in Numbers" is appealing the most to me. It is simple and works on more than one level at the same time.
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